Terms of Trade

1.0 Definitions

1.1 ‘Company’ and ‘Us’ means Bay Insurance Brokers Limited and/or Bay Insurance Thames Limited

1.2 ‘Insurer’ means the provider of the Insurance Policy or product;

1.3 ‘Client’ and ‘You’ means the person, company, or other entity, obtaining advice on insurance
products and services;

1.4 ‘Premium’ is the charge of the Insurance Policy;

1.5 ‘Insurance Policy’ is the Insurance product provided to the client and combines the policy
document, insurance schedule and application form;

1.6 ‘Contract’ is the agreement by the client to pay the premium in exchange for advice from the
company and for the insurer to provide cover as set out in the Insurer policy document;

1.7 ‘Period’ means the dates the Insurance Policy applies to;

2.0 Client Responsibilities

2.1 The Client must pay the Premium as set out below;

2.2 The Client must provide all relevant information to the Company. We mind you of your duty of disclosure to insurers before each policy starts and renews. You must tell the insurer about anything a prudent insurer would want to take into account in deciding whether to insure you, and if so, on what terms. Please provide this information to us. If you do not provide us with full information, we cannot properly advise you and you could breach your duty of disclosure.

2.3 The Client must inform the Company of any material change during the period of this Contract;

2.4 If the Client fails to follow these responsibilities it may invalidate the Insurance Policy;

3.0 Company Responsibilities

3.1 The Company will provide insurance broking services with reasonable care, integrity and skill and as defined by the Code of Conduct. All representations made (whether express or implied) and all other implied conditions, warranties and terms as to the provision of the services are otherwise excluded to the extent permitted by law;

3.2 The Company will exercise all reasonable precautions in selecting Insurers and will advise you of their financial strength rating. You understand that we cannot guarantee the financial strength of any company and we do not accept any liability due to the failure of any insurance company;

3.3 The Company will forward payments received from Clients to the Insurer as per the Insurance Intermediaries Act 1994;

3.4 The Company and Insurer will keep all client information confidential and will use it for the sole purpose of which it was disclosed in line with the Privacy Act;

3.5 The Company may correspond with you by electronic communication which may not always be secure and may be read, copied, or interfered with in transmission. We are not responsible for risks associated with electronic communication;

3.6 The Company will automatically renew all policies arranged by us, on your behalf, unless you advise us not to;

4.0 Remuneration

4.1 Unless agreed otherwise, the Company will receive commission from Insurers, on Insurance Policies transacted with them on a Client’s behalf;

4.2 We may alternatively, or in addition, charge a fee for our services;

4.3 Unless mandated by law, commissions and any fee earned on policies are deemed to be earned at the inception of the Policy;

4.4 The Company’s remuneration may include investment income earned from premium payments
before they are forwarded to the Insurer. This is permitted by the Insurance Intermediaries Act 1994;

4.5 The Company earns remuneration as a result of arranging a Premium Funding loan to pay a Client’s Premium and to enable a Client to pay by instalments;

5.0 Payment, Late Payment. Default of Payment and Consequences of Default of Payment

5.1 The method of payment will be made by direct credit, credit card or by instalments, as arranged through Bay Premium Funding Limited;

5.2 Credit Card payments are subject to a 2.9% surcharge;

5.3 Payment in full of outstanding amounts shall be received no later than 14 days from the date of our invoice, unless specific written agreement to the contrary is provided;

5.4 If the payment remains outstanding further to the above, then your policy may be cancelled and be null and void. Any claim on the Insurer could be invalid;

6.0 Bay Premium Funding Limited

6.1 The Client has the option to pay premiums by monthly or quarterly instalments, via Bay Premium Funding Limited, subject to their terms and conditions;

6.2 Any invoices that are billed outside of the Premium funding arrangement are subject to be paid as stated above in Clause 5.3;

7.0 Cancellation

7.1 The Client is able to cancel policy(ies) with the Insurer at any time by providing written notice to the Company;

7.2 If the Company and/or Insurer are unable to continue to offer the policy and/or services to the Client, we will provide written notice subject to the Insurer policy conditions;

7.3 Commission earned and/or fee charged for the Company’s services are considered to be earned at the time the insurance cover is placed and are not refundable in the event the cover is terminated early;

7.4 Any refunds created by the cancellation of a policy either by the Client, Company, or the Insurer will only be paid back to the Client once any premiums or outstanding premiums have been received from the Insurer.